文 | 万联万象，作者｜时楠，编辑｜小峰 在4月最新发布的2024年户储电芯出货量全球榜单中，一个叫瑞浦兰钧的公司，悄然爬升至第二位。 人们对这家企业颇为陌生。但它身后站着的，是鼎鼎大名的钢铁巨子青山集团和中国钢铁首富——项光 达。 钢铁首富布局新能源，看似意外却又早漏端倪。并且，他所对标的选手，正是多年储能出货量排名第一 的行业翘楚——宁德时代。 这场巨人竞赛，注定精彩非凡。 01 红海出青山 在浙江温州瓯江口的一片滩涂上，1988年诞生的青山特钢厂房里，项光达正带领工人们调试着二手轧 机。这个总投资仅300万元的小厂，当时在宝钢、鞍钢等国有巨头的阴影下艰难求生。 谁也不曾想到，三十年后这里会走出一个掌控全球近八分之一镍资源的产业帝国。 02 储能闪电战 2019年3月的上海储能展上，瑞浦兰钧首款280Ah电芯亮相时，展台冷清得连礼仪小姐都在玩手机。 1998年成为关键转折点，当国内同行还在依赖进口镍板时，青山集团率先突破RKEF镍铁冶炼技术，将 不锈钢原料成本直降40%。这项被业内称为"点石成金"的工艺创新，让青山在2003年不锈钢产能暴增至 100万吨，相当于当时全国总产量的三分之一。 2009年的印尼 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 4 月 30 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：4月29日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1562 ...

Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]

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Group 1 - Inner Mongolia has been enhancing the level of cross-border trade facilitation since the beginning of the year [1] - The State Administration of Foreign Exchange approved the expansion of the integrated currency pool pilot program for multinational companies in Inner Mongolia and 15 other provinces [1] - The new policy allows multinational companies to determine the concentration ratio of foreign debt and overseas loans based on macro-prudential principles [1] - Multinational companies can conduct cross-border payment and receipt business in RMB, and banks can directly handle capital project changes not involving foreign debt and overseas loan quotas [1] Group 2 - Starting from April 1, the State Administration of Foreign Exchange opened online processing for two types of approvals related to foreign exchange, significantly improving the business environment [2] - The "Digital Foreign Exchange" platform allows businesses to complete the entire process online, reducing processing time by more than half compared to traditional methods [2]